At least not in the context of this story, which at its heart is about the clash of the prosaic world (a hobbit/the modern reader) and the poetic world (dwarves, the ancient and forgotten past). This mirrors the conflict Bilbo has in himself between Took and Baggins.

If the dwarves are drawing up hobbity contracts, it simply muddies the story, IMO. It obfuscates the whole point of it.